Myricx Bio Secures $114M For Breakthrough Cancer Treatment Trials
Myricx Bio secures £90M to advance NMTi-ADC platform targeting tumour-associated antigens.
Breaking News
Jul 08, 2024
Mrudula Kulkarni

Myricx Bio, a UK-based biotech firm specializing in the
development of groundbreaking payloads for antibody-drug conjugates (ADCs), has
successfully secured £90 million ($114 million) in its series A financing
round. This round was co-led by Novo Holdings and Abingworth, two prominent
life science investors. New participants included British Patient Capital (a
subsidiary of the British Business Bank plc), Cancer Research Horizons, and Eli
Lilly and Company, alongside founding investors Brandon Capital and Sofinnova
Partners.
As part of the financing agreement, Michael Bauer of Novo
Holdings and Lucille Conroy of Abingworth will join the Myricx Board of
Directors. The newly acquired funds will support the expansion of Myricx’s
proprietary N-Myristoyltransferase inhibitor (NMTi) ADC payload platform and
further the development of its pipeline of NMTi-ADCs, targeting clinically
validated tumour-associated antigens through clinical proof of concept.
NMT, an enzyme that adds a specific lipid modification to
key protein targets essential for cancer cell survival, is at the core of
Myricx’s innovative approach. Myricx is advancing a series of ADCs to meet
significant unmet needs in oncology using its NMTi payload chemistry platform,
which has shown remarkable preclinical efficacy and safety across various solid
tumour-associated antigens and cancer cell types.
Initial studies have demonstrated that Myricx’s NMTi-ADCs
achieve complete and durable tumour regressions at well-tolerated doses in
several solid cancer models resistant to Topo1i-based ADCs. These NMTi-ADCs
also exhibit potent bystander activity and deliver high efficacy in
patient-derived xenograft (PDX) organoid models across a wide range of antigen
expression levels.